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> Posted by Elisabeth Rhyne, Managing Director, CFI
The following post was originally published on the Huffington Post Business Blog.
The global microfinance industry realized a significant and long-awaited goal this week with the introduction of Client Protection Certification as promoted by the Smart Campaign. With certification, lenders and banks for low-income people will be able to demonstrate — on the basis of an on-site, third-party evaluation — that they take adequate care to protect their clients.
As one of the founders of the Smart Campaign, my high hopes are that Client Protection Certification will become a kind of Fair Trade mark for the microfinance industry. If established as we envision, donors, investors, regulators, and even clients will check the certification registry before they invest in or bank with microfinance institutions, choosing the ones that meet the standards. This in turn will create positive incentives for institutions to improve, ultimately leading to safer, more respectful services for the low income clients microfinance reaches.
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